Summer Rest Foundation
- Assets
- $7.4m
- Revenue
- $82.4k
- Investments
- $7.0m
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 03/1999
- Data as of
- 12/2022
- EIN
- 56-6534008
Organization Overview
Summer Rest Foundation is located in Raleigh, NC. The organization was established in 1999. According to its NTEE Classification (T21) the organization is classified as: Corporate Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Summer Rest Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Summer Rest Foundation generated $82.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (26.1%) each year. All expenses for the organization totaled $577.6k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Summer Rest Foundation has awarded 142 individual grants totaling $2,975,994. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sue M Turner Board Chair | 0.5 | $0 | |
Jay G Loftin Jr Trustee | 0.5 | $0 | |
Tish Turner Executive Director | 0.5 | $0 | |
Todd Turner Treasurer | 0.5 | $0 | |
George Turner Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $13,917 |
| Dividends & Interest | $125,265 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$57,154 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $349 |
| Total Revenue | $82,377 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $4,120 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $2,056 |
| Printing and publications | $0 |
| Other expenses | $41,565 |
| Total operating and administrative expenses | $50,741 |
| Contributions, gifts, grants paid | $526,839 |
| Total expenses and disbursements | $577,580 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $423,679 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $6,963,731 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $7,387,410 |
| Accounts payable and accrued expenses | $196,400 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $196,400 |
Grants Awarded
Over the last fiscal year, Summer Rest Foundation has awarded $526,839 in support to 18 organizations.
| Grant Recipient | Amount |
|---|---|
EAST CAROLINA UNIVERSITY EDUCATIONAL FDN PURPOSE: EDUCATIONAL | $200,000 |
ELAM MINISTRIES PURPOSE: GENERAL SUPPORT | $10,000 |
FELLOWSHIP OF CHRISTIAN ATHLETES PURPOSE: GENERAL SUPPORT | $61,152 |
FOCUS ON THE FAMILY PURPOSE: GENERAL SUPPORT | $15,000 |
GOOD SHEPARD CENTER PURPOSE: GENERAL SUPPORT | $10,000 |
NATIONAL CHRISTIAN FOUNDATION PURPOSE: THE DANNY LOTZ SCHOLARSHIP FUND | $25,000 |